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Which of the following statements is not true of a financial lease? it can be cancelled after the equipment is no longer needed. it is

  1. Which of the following statements is not true of a financial lease?
  1. it can be cancelled after the equipment is no longer needed.
  2. it is a source of financing.
  3. it is binding obligation for the lessee.
  4. it extends over most of the economic life of the leased asset.

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